Why Tax Planning Matters
While often overlooked, robust tax planning is one of the most valuable pieces of a complete financial plan. Here are a few key questions we are frequently asked on this subject:
WHAT IS TAX PLANNING?
Tax planning refers to our review of your tax return to identify potential planning opportunities – both now and in the future. This is different than tax preparation (usually done by your CPA or an online service like TurboTax), which is focused on keeping you compliant with what the government calculates you owe each year.
WHY IS TAX PLANNING IMPORTANT?
Taxes touch every part of your financial life. Your tax return is a financial fingerprint: it’s completely unique to you, complete with valuable clues and information, all of which is buried in dozens of pages and hundreds of numbers. Understanding your return equips us to have more valuable and actionable conversations with you. Additionally, we can demystify the world of income taxes and help you understand this important piece of your financial picture.
WHO IS TAX PLANNING FOR?
Everyone! Regardless of your income sources or filing status, nearly anyone who pays income taxes can benefit from having a professional review of your tax return to potentially identify some tax-saving opportunities, both in the current year and in future years.
WHAT KIND OF OPPORTUNITIES MIGHT BE IDENTIFIED?
We will evaluate a number of areas during tax planning, including: most tax-efficient retirement vehicles, charitable giving strategies, realizing capital gains, Roth IRA conversions, tax credit eligibility, and more. We can run projections to see how potential changes (e.g., filing status, dependents, the sale of a business, stock option exercises, etc.) may impact your upcoming tax liability so you can know what to expect when considering these important financial moves.
WHAT DO WE NEED FROM YOU?
Does this sound like the kind of counsel you want from an advisor? Contact EKFF to discuss tax planning and all the other ways we can help you prepare your financial future.
Source: Holistiplan https://www.holistiplan.com/
Categories
Recent Insights
-
One Big Beautiful Bill: Key Financial Impacts for LGBTQIA+ Households
On July 4, 2025, President Donald Trump signed the “One Big Beautiful Bill Act” into law—a wide-reaching piece of legislation that touches everything from tax rates and healthcare to education, housing, and family benefits. For LGBTQIA+ individuals and families, some of these changes may create new planning opportunities, while others may require a closer look…
-
What’s a Trump Account? A New Way to Build Financial Discipline—From Day One
The Trump Account isn’t a flashy new savings tool. In fact, that’s its strength. It’s structured, restrictive, and deliberately focused—and in a world of financial products that promise flexibility and quick access, that kind of design is rare. But for families who value discipline, long-term thinking, and intentional planning, it might be exactly what you’ve…
-
How Microsoft Teams Can Transform Your RIA Firm’s Efficiency and Compliance
In the competitive world of registered investment advisory (RIA) firms, effective communication and collaboration are key to delivering exceptional client service and maintaining regulatory compliance. Before the pandemic, in-person collaboration was the norm at our firm, but with the transition to a fully remote office, we needed a secure internal communication platform. Today, as many…
-
One Big Beautiful Bill: How Trump’s Tax Overhaul Impacts American Families and Businesses
On July 4th, 2025, President Donald Trump signed into law the “One Big Beautiful Bill Act,” a sweeping piece of legislation that reshapes the American tax landscape and introduces a range of economic, social, and regulatory reforms. Below is an examination of the bill’s key provisions. Key Provisions of the “Big Beautiful Bill” 1. Permanent Extension and Expansion…
-
Talk Your Chart | From Saunas to Stock Surges: Market Recoveries, Margin Resilience & Rate Watch | Episode 69
In Episode 69 of Talk Your Chart, Brett and Marcos unpack the surprising speed of the recent market recovery, debate the timing vs. time-in-market mindset, explore political biases in investing, and analyze how corporate margins and U.S. debt are shaping investor decisions in 2025. Charts available for download here.
